Economic Crisis

ICC presentation for the Midlands Discussion Forum meeting of 25 April

This presentation was made to the MDF meeting, which was attended by representatives of the Midlands Discussion Forum, the Exeter Discussion Group, the Commune, the ICC, the Communist Workers' Organisation, Internationalist Perspective, former members of the Communist Bulletin Group and others. An assessment of the significance of this meeting will be published at a later date.

The Economic Crisis: The Only Response is the Class Struggle

All across the media, the economic experts are still debating whether the American economy is in a recession or a depression. This is hardly relevant for the working class, which is bearing the impact of the crisis. The ugly consequences of the ongoing economic collapse are there for all to see.

G20 and world economic crisis: The state can’t save us!

Now the G20 London Summit is over, what is the message that the rulers of the earth is they can deal with the economic catastrophe facing the capitalist system.The present crisis of overproduction, however, has its roots not, as the economic experts claim, in any kind of temporary ‘imbalance' in the world economy, but in the basic social relations of capitalism.

The Economic Crisis: State Capitalism Is Running Out of Room for Manoeuvre

This is 2009 and with the new year comes a brand new president predicting that the economy will get worse before it gets better, a new congress ready to act where the past one fumbled, and a great new economic team educated at the most prestigious American institutions, with fresh ideas on how to save capitalism from catastrophe. Yet given the fact that so far the bourgeoisie has failed to contain the crisis, the odds for Obama's success are definitely not good.

Reflections on Loren Goldner’s article The Biggest ‘October Surprise’ Of All: A World Capitalist Crash

In our view, the latest phase of the crisis, summed up under the short-hand ‘credit crunch', will certainly be a factor in challenging existing views and convincing people that we are seeing the real putrefaction of capitalism as a mode of production. In this context, we welcome a recent contribution by Loren Goldner, who would describe himself as part of a "left communist mood" which has been growing in the recent period.

WR 18th Congress Report on the British situation: Why the economic crisis hits Britain so hard

The article published in WR320 is section A of the Report on the British situation fo the 18th WR congress. The whole of this report (which also covers the class struggle, British imperialism and the political problems of the British ruling class) can be found here in ICC Online .

G20 Summit: The bourgeoisie is powerless faced with the economic crisis

With the economic crisis now ravaging the planet, on 15 November there was a grand international meeting, which at the time was billed as a summit to 'change the world' and bring about a radical transformation in the rules by which capitalism operates.The result? Nothing, or next to it.

Report on the British situation for the 18th WR congress

We find ourselves analysing the British situation today after a year of the developing credit crunch and at the very beginning of a recession that even the chancellor predicts will be long and deep. This poses difficult questions for the bourgeoisie as it tries to keep the banking system afloat with unprecedented rescue packages and stabilise the economy. At the same time it is totally bogged down in failing military adventures in Iraq and Afghanistan alongside the USA which continue to drain resources. In spite of a policy of trying to spend its way out of the crisis, with money it has to borrow, the working class will be made to pay for the crisis.

Thoughts on the Brighton ‘day school’ on the capitalist crisis

The crisis - what's happening and why? What does it mean for us today and how can we be prepared for future struggles? These and related questions were the topical programme for a day school held in Brighton on Saturday 29th November, organised by some of the people involved with Aufheben and local anarchist and community activists. These are the impressions of one of the ICC sympathisers who took part.

British imperialism: a chronicle of humiliation

There can be no doubt about the government's determination to defend the interests of British national capital abroad. We have only to look at the UK involvement in the fighting in Iraq and Afghanistan. Britain isalways pronouncing on current conflicts, even if it is powerless to influence, as it was in Georgia, and even more now with David Milliband proposing an EU force on stand-by for the Democratic Republic of the Congo.

Crisis of neoliberalism or crisis of capitalism?

They are all telling us that this crisis announces the end of ‘neo-liberal' capitalism and that hopes are turning today towards ‘another kind of capitalism'. This new capitalism would be based on production and not finance, liberating itself from the parasitic layer of financial sharks and speculators who were presented as its champions under the pretext of ‘deregulation', ‘limiting the state', and the primacy of private interests over ‘public interests' etc. To hear them speak, it's not capitalism that could collapse, but a particular form of capitalism.

Are we reliving a crash like 1929?

The current financial crisis is ultimately the result of a crisis of overproduction, like the one of 1929. The growth over the last few decades has only been possible thanks to the accumulation of vast debts, which have destabilised the entire banking system.But contrary to what all the economic experts are saying, the present crisis is really far more serious than in 1929.


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